COVID-19 changed the way nearly everyone works and left a lot of unknowns about how to budget and make plans to move forward. To understand exactly how coronavirus impacted medium and small-sized businesses and their workforces, Paycor surveyed nearly 600 HR and finance leaders.
Did they need government funds? How many workers did they furlough or layoff? Are employees working from home now? How’s team morale? And perhaps more importantly, what are their plans for the future?
This guide offer a pretty good idea of how business leaders are feeling, what keeps them up at night, and what approaches they’re taking to solve problems.
Paycor surveyed nearly 600 leaders of small and medium-sized businesses about their plans for 2020.
Nearly 600 business leaders (mostly HR Directors and CFOs) responded.
Most SMBs survived the early stages of the pandemic, received government funds and are cautiously optimistic about the future. Nearly half believe the economy will bounce back in 2020 and nearly half are planning to hire this year.
Most SMBs are working from home a significant amount of time. Very few believe working from home will become the new normal. Most anticipate a hybrid model that offers employees options to work on-site and remotely.
While the majority of SMBs furloughed or laid off workers, in most cases, team morale only took a moderate hit. Most leaders say they are communicating more frequently and more transparently as a way to boost morale, maintain trust and drive engagement.
More than 40% of SMB leaders are not sure how much they will change their company’s benefits offerings in response to the coronavirus crisis and a third are unsure whether healthcare costs will rise. Among the most popular changes to benefits include greater access to telehealth and enhanced wellbeing benefits and employee assistance programs.
For 30 years, we’ve been listening to and partnering with leaders, so we know what they need. That’s why 40K+ SMBs trust Paycor to help them achieve their goals.